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Blossom Corporation's comparative balance sheets are as follows. Blossom Corporation Comparative Balance Sheets December 31 Cash 2025 2024 $9,500 $18.500

Blossom Corporation's comparative balance sheets are as follows. Blossom Corporation Comparative Balance Sheets December 31 Cash 2025 2024 $9,500 $18.500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blossom Corporation's comparative balance sheets are as follows. Blossom Corporation Comparative Balance Sheets December 31 2025 2024 Cash Accounts receivable $9,500 $18,500 25,400 22.000 Investments Equipment Accumulated depreciation-equipment 21.000 15,600 65,500 77.500 (14,900) (10,600) Total $106,500 $123,000 Accounts payable $15,200 $11,000 Bonds payable 14,000 40,000 Common stock 50,000 46,500 Retained earnings 27,300 25,500 Total $106,500 $123,000 Additional information: 1. Net income was $18,600. Dividends declared and paid were $16.800. 2. Equipment which cost $12,000 and had accumulated depreciation of $1,500 was sold for $4,000. 3. No noncash investing and financing activities occurred during 2025. 4. Bonds were retired at their carrying value. (a) Prepare a statement of cash flows for 2025 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15.000 or in parenthesis eg. (15,000) BLOSSOM CORPORATION Statement of Cash Flows - Indirect Method Adjustments to reconcile net income to
Transcribed Image Text:Blossom Corporation's comparative balance sheets are as follows. Blossom Corporation Comparative Balance Sheets December 31 2025 2024 Cash Accounts receivable $9,500 $18,500 25,400 22.000 Investments Equipment Accumulated depreciation-equipment 21.000 15,600 65,500 77.500 (14,900) (10,600) Total $106,500 $123,000 Accounts payable $15,200 $11,000 Bonds payable 14,000 40,000 Common stock 50,000 46,500 Retained earnings 27,300 25,500 Total $106,500 $123,000 Additional information: 1. Net income was $18,600. Dividends declared and paid were $16.800. 2. Equipment which cost $12,000 and had accumulated depreciation of $1,500 was sold for $4,000. 3. No noncash investing and financing activities occurred during 2025. 4. Bonds were retired at their carrying value. (a) Prepare a statement of cash flows for 2025 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15.000 or in parenthesis eg. (15,000) BLOSSOM CORPORATION Statement of Cash Flows - Indirect Method Adjustments to reconcile net income to
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